Assume the Fed implements restrictive monetary policy. Which of the following is the most likely result in an AD-AS framework with an upward sloping AS-curve?
A. the interest rate will increase but output, prices, and real money balances will fall
B. the interest rate, output, and prices will all decline
C. prices and output will fall, but real money balances will increase
D. real money balances will remain unchanged, since money supply and prices will decrease proportionally
E. real money balances and prices will fall proportionally
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In the medium run, a price increase combined with a decrease in the unemployment rate is most likely the result of
A. an adverse supply shock
B. an adverse supply shock followed by restrictive monetary policy
C. a favorable supply shock
D. a decrease in money supply
E. expansionary fiscal or monetary policy
The most likely long-run result of a tax cut would be
A. lower unemployment but higher prices and interest rates
B. lower interest rates but no change in unemployment
C. higher levels of consumption, investment, and employment
D. more consumption and less investment, with output remaining unchanged
E. higher prices and interest rates, resulting in a less consumption and investment
In the long run, monetary expansion should have the following result:
A. nominal wages change in proportion to nominal money supply
B. real interest rates remain constant
C. real wages remain constant
D. nominal wages and prices change in proportion to nominal money supply
E. all of the above
In an AD-AS model with an upward sloping AS-curve, what would happen if oil prices increased and the Fed responded by restricting money supply?
A. real output would increase and the price level would remain the same
B. real output would remain the same but the price level would decrease
C. real output would decrease and the price level would increase sharply
D. real output would decrease and the price level would decrease sharply
E. real output would decrease but we can't tell what would happen to the price level
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